RBI's directives to banks to take effect immediately

Live TV

RBI's directives to banks to take effect immediately

In a major decision, RBI today banned banks from issuing Letters of Undertaking with immediate effect. The instruments were used allegedly by diamantaire Nirav Modi and his uncle Mehul Choksi to defraud state-owned PNB of Rs nearly 13,000 crore in connivance of bank officials.